Wealth management

Pershing LLC, a subsidiary of Bank of New York Mellon Corp., introduced a financial product that provides a lifetime income guarantee for managed assets.

Charles Schwab Corp. began offering a program fee rebate on its managed mutual fund portfolios, Schwab Managed Portfolios, to investors who put $25,000 or more of assets into a new or existing retirement account.

The number of U.S. households with a net worth of $1 million or more increased only 2% last year, to 9.2 million, according to a report Spectrem Group released Wednesday.

Union Bank of California, a subsidiary of San Francisco's UnionBanCal Corp., said Thursday that its wealth management business is now part of its global markets group, which also includes the bank's asset management and brokerage units.

After a year of record growth, Hartford Financial Services Inc. wants to expand its 529 college savings business over the next two years by increasing sales and perhaps by becoming a plan sponsor in another state.

Jackson National Life Distributors LLC, a Lansing, Mich., distribution arm of Prudential PLC of London, said Wednesday that it has promoted Rob Butler to central regional director for its registered and guaranteed channels.

American Century Investments of Kansas City, Mo., hired Joseph P. Craven as a senior vice president of its institutional business.

Charles Schwab Investment Management Inc. expanded its mutual fund lineup for retirees by introducing a group of three funds designed to help people plan for income needs.

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Bank of America Corp. has its hands full keeping customers happy as it completes its integration of U.S. Trust Corp. this year, but the Charlotte company remains optimistic and has managed to retain a majority of the clients inherited in the acquisition.

Axa Equitable ranked first in variable annuity sales growth last year, with 20.2%, and its market share rose 4.1% from a year earlier, according to a Morningstar Inc. distribution report.

National Planning Holdings Inc., a Santa Monica, Calif., unit of Prudential PLC that operates a network of independent broker-dealers, has hired Erik Feldman as a vice president of practice management.

Northern Trust Corp. has promoted Jon Dunham to head of North America asset servicing sales.

Deloitte LLP has put Cary Stier, an 18-year veteran of the New York company, in charge of its U.S. hedge fund and mutual fund practice.

Integrity Mutual Funds Inc.’s interim president and chief executive, Bradley Wells, said that the company needs to stick to fixed-income products if it is to recover from a year of heavy outflows from its mutual funds.

National Financial Services LLC, a Boston clearing unit of Fidelity Investments, increased its assets under custody 9% last year, to $709 billion.

P. Schoenfeld Asset Management LLC, a multistrategy investment adviser, has hired Louis P. Friedman to lead a new strategy focused on private investments and long-term public holdings.

Legg Mason Inc., a Baltimore money manager, has obtained a letter of credit for up to $150 million to support its investment holding in a money market fund.